Intensify the implementation of more proactive macro policies
2025-06-03
The recent meeting of the Central Political Bureau emphasized the need to accelerate the implementation of more proactive macro policies, make full use of more proactive fiscal policies and moderately loose monetary policies. This important deployment sends a clear signal that China will strengthen countercyclical regulation and make every effort to stabilize the economy. Since the beginning of this year, a series of stock policies and incremental policies deployed by the Party Central Committee have worked together to promote a good start in economic operation. From the "first quarter report" of the economy, it can be seen that China's economic growth is stable with an upward trend, and high-quality development is moving towards a new positive direction. At the same time, it should also be noted that the foundation for sustained economic recovery and improvement needs to be further consolidated, as external shocks increase and uncertainty increases significantly. To cope with shocks and challenges, macroeconomic policies, especially fiscal and monetary policies, need to be more proactive and effective in consolidating the fundamentals of economic development and social stability. Seize the opportunity early and achieve results promptly. In response to macroeconomic regulation and control, the Central Committee of the Communist Party of China has made comprehensive and important deployments. All work must be carried out early and effectively, ensuring sufficient efforts and seizing time with various uncertain factors to achieve the expected goals of economic and social development. The issuance of ultra long term special treasury bond will be used to give greater support to "dual" projects and strengthen the implementation of the "two new" policy. The central government has seized the time window and has allocated 81 billion yuan in two separate times to promote the full effect of the policy of replacing old consumer goods with new ones. In terms of currency and finance, the support for key areas and weak links of the national economy, such as technological innovation, green low-carbon, and inclusive finance, has significantly increased. The established policies should be introduced early and effective, especially to accelerate the issuance and use of local government special bonds, ultra long term special treasury bond bonds, etc., so as to more effectively expand domestic demand and strengthen the domestic circulation; Intensify the investment in medium and long-term loans, and provide financing support for key areas such as "two new" and "two double". Make full use of it and exert comprehensive efforts. Since the beginning of this year, fiscal policy has been taking the lead, and monetary policy has continued to maintain strong support. There is still sufficient space and room for China's macro policies to cope with external uncertainty. Recently, the People's Bank of China has intensified macroeconomic regulation and introduced a package of monetary policy measures to further implement a moderately loose monetary policy, including reducing the reserve requirement ratio, improving the reserve requirement system, lowering policy interest rates, and establishing service consumption and pension refinancing loans. Ten measures in three categories will drive down the overall financing cost of society, effectively supporting the stable growth of the real economy. Next, we need to make full use of policy space, continuously improve the policy toolbox, timely introduce incremental reserve policies according to changes in the situation, enhance policy initiative, foresight, precision, and effectiveness, and strengthen unconventional countercyclical regulation. Collaborative cooperation to enhance efficiency. Intensify the implementation of more proactive macro policies, attach importance to strengthening the coordination of fiscal, monetary, employment, industrial, regional and other policies, enhance the consistency of orientation, play a "combination punch", enhance policy effectiveness, and fully leverage dividends. To vigorously boost consumption, it is necessary for the government to provide "real money and silver" and expand the implementation of the policy of exchanging old for new consumer goods. It is also necessary to increase the investment in consumer loans, enrich financial products, provide convenient services, and better meet the demand for consumer credit among residents. To expand effective investment, we need not only to expand the scale of government investment through ultra long term special treasury bond, special bonds, etc., but also to mobilize the enthusiasm of private investment through government investment guidance and policy incentives. We also need to increase financial support for the real economy, drive down the financing cost of the real economy, and provide financial guarantee for stable investment. The Chinese economy has strong development resilience and potential. Intensify the implementation of more proactive macro policies, focus on stabilizing employment, enterprises, markets, and expectations, fully unleash policy effectiveness, and respond to the uncertainty of rapid changes in the external environment with the certainty of high-quality development. China's economy will surely move steadily and steadily in the turbulent waves. (New Society)
Edit:Yao jue Responsible editor:Xie Tunan
Source:Economic Daily
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